Crypto dogecoin's price rallies as Twitter home button changes to doge meme
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Here’s what we’ve got for you today:
US government planning to sell $1B+ worth of Bitcoin
Crypto dogecoin's price rallies as Twitter home button changes to doge meme
Meme of the day
THE U.S. GOV'T IS SELLING $1B+ OF BITCOIN
Uncle Sam is going on a Bitcoin-selling spree. In a new court filing, the Department of Justice (DOJ) revealed that it sold 9,861 Bitcoin for $215M.
The DOJ also announced it will sell another ~41,500 BTC in four more batches over the course of this year.
So, where'd Uncle Sam get so much Bitcoin? Silk Road - an online black marketplace where people could buy crazy, illegal stuff using crypto.
(Btw - yes, we named our newsletter after it as a joke. No, we aren't affiliated with it in any way. My lawyer is giving me the side-eye until I clear that up.)
Over 50,000 BTC was seized after the Silk Road shut down and now the U.S. government is planning to sell it.
So what? Some people think that 50,000 BTC hitting the market could add sell-pressure and bring the price of Bitcoin down.
The reality is it's hardly a drop in the ocean where crypto whales eat that much Bitcoin for breakfast. So, we aren't too worried about it.
But it's all pretty funny. One week, the U.S. government sells $200M+ on Coinbase... and the next week, the U.S. government says "crypto has no value" and sends Coinbase a Wells Notice for breaking the law.
The irony...
Crypto dogecoin's price rallies as Twitter home button changes to doge meme
Dogecoin rose as much as 30% to $0.09 on Tuesday after Twitter users noticed their home buttons changed into the dog meme after which the cryptocurrency is named. Some Twitter users began to notice the home button in the top left corner of their web browsers — usually the company’s solid blue bird logo — replaced with a cartoon of the Shiba Inu that is the face of the Doge meme.
The price of Dogecoin has jumped 30% over the past 24 hours, spiking after Twitter replaced its iconic blue bird logo with a cartoon Shiba Inu dog. Dogecoin was outperforming BitcoinBTCUSD +1.97% and most other digital assets.
Twitter owner Elon Musk posted a photo of an earlier exchange in which a Twitter user urged him to change the bird logo to a doge. Twitter's CEO also shared the screenshot of the March 26, 2022, conversation between him and the anonymous account where the latter was asking to change the bird logo to "doge." Sharing this post on Twitter, Musk wrote, "As promised."
Musk has been responsible for pumping doge prices on several occasions by sharing various references and memes relating to the dog-themed cryptocurrency on his social media feed. Dogecoin is a parody cryptocurrency created by software engineer Billy Markus and Jackson Palmer in 2013.